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Stranded Assets

Two months after Donald Trump announced that he intended to pull America out of the UN Paris climate agreement, last Friday the State Department submitted the formal notification to the UN to that effect.

The world’s largest listed oil company, Exxon, announced on Friday it was going to have to cut its reported proved reserves by just under a fifth. It is the biggest reserve revision in the history of the oil industry.

The famous quote attributed to Benjamin Franklin is that "In this world nothing can be said to be certain, except death and taxes”. Another certainty is that you know that the top executives of controversial companies absolutely hate the one day in the year that they are accountable to their shareholders: the AGM.

Nobel Peace Laureates have added their voices to the call to permanently protect the Arctic from oil and gas exploration and production. In a letter sent today to members of the Arctic Council, the signatories point out that, “nations who share borders in this remarkable region also share an obligation to protect it…both by tackling...Continue reading 'Nobel Laureates call for Arctic protection'.

Desperate times mean desperate measures. Something has to give. With no end in sight to the low oil price, Canadian tar sands companies are having to sell what are being described as their “jewels in the crown” in order just to survive.

For some years now a growing number of activists, scientists and analysts have been warning that, if we are going to keep global warming to 2 degrees Celcius, that a significant quantify of fossil fuel reserves can never be burnt.